New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-10-15
RAILROAD INTERESTS.
THE b. AND OS PASSED DIVIDEND.
WHAT HAMBLETUN & cos CIRCULAR SAYS OF IL
Az EXPLANATION DEMANDED.

| WHAT HAMBLETUN & cos CIRCULAR SAYS OF IL
AN EXPLANATION DEMANDED.
BALTIMORE, oct Is (Sps iaL) Robert Garrett VIII RS
sign tho presidency of the PittsbuTg AMI Connclls-
ylIle Ea:lr al, but will retain his dire torshp III al
tho o!hcr branches OF the Baltimore and ONO. mo
h,ur prya,e secretae, of Mr. Garrett when presdcnt
of tho Baltimore and Ohio have been assigned 10 othef
duties. excepting of them who resigned ra'her
than be assigned a department not congniai win ii'
| tastes.
The passing Of the dividend continues the topic OF
financial circles. Is learned that several beneciA
societies and many private Individual dependent upon
the divid,n Of baltimore AMI Ohio stock for support
are badly crippled John \. ilanble'on q Coz inc
lcadrg cltlmOrc bankers, In their weekly crcuar ~
morrow, will speak plainly tho t,c, that the
/ il tO attempt 10 disguise INC ltVN ~
passing its dividend b. the B moie aud ono aii"1F
Company a shock not only to the holders ID we
stock OF the company. but also 10 the whole community,
1t was generally expected that at lea9i per c'le %
be declared The Baltimore and Ohio Compaoy has here
ofr" been regarded PARAGON among raiiioaa' anu ~
Illustration Of successful and conservative hhaSe'e'
The OF the company IS held wholly by ihNe'oa' ,
majority ef whom would have looked for dcf'u IN inc
interest Of Government bonds as soon as the passing Va
the dyilcnt on Baltimore and Ohio stock. The ''auetu
hold between a. and 10000 shares Baltimore CITY,
$1,000 Johns HDp1ins University 1900 and many
large blocks of stock held BY individuals OF large
means these large holIers DE inconYeni'mced
M not rcccpne any d, dend Il Will be the small holders
who IL fccI it most.
The lncon venienGe and stockholders IS, how
eyer NOT f De- c,pt.d with the dlsas ron, effect which
the passing OF the d,dent will have in destroying the
former confidence vii IA universally had in the sta
bility Of the company. If the company did not earn
divdent, 90 was ~ course, most proper that none should
be paid but the question arises why h. that the dividend
and Whc pre-, dividends which
have b en- regularly paid were earned or not The pub
,h'd statements o. tn company hAN' shown uas hol
only have dyd been earned. but that each year large
surplus has been clrrci 10 surplus account. When IA"
financial the Baltimore and ohio Company
handed to ths DreAei-Morgan syndicate, it was
admitted ua large noitus debt chen existed but 10
what amount Ia, never been officially stated. II was
Supposed however hat the sale of the express ana ele
graph would yield amount which would 60 far toward
Iquidstng the pressing debt ~ the company. These
u,-of, realized and yet stl hear of tt
sIG.pr0.NOO- i.pl9 800 bonds ejsr'-rS preferred
soc-whlch the yndcl-e j. expected nego'ia" for the
b.n,r,t company. II the DfcNclMorean syndicate
ana r the Baltimore and ohio Company Do
sire to r,fo. confidence they must make a iull state
mcn' Of ae 'Glii- Of the company and 'hai speedily
Tho circular echoc, the views generally expressed
here fill
Il was reported in railroad circles here today and
upon pretty good authority ina w "arretS relations
with vera Gentlemen prominently connected with the
Batu ore and OHIO Railroad have been con,hierabiy
strained since his return nom EUROPE ms lroDtpy
accounts for the iar that he has 40 vet visited hc al
retts forthcoming statement will ooye ho 'bshe and
create tdons nation AMI vii account tor ms
surprise De heard The % the sale or tue tels-
~ iarp fh c.r hes ~ VII nj mporiance
which had during tho penency Of the telegraph
NEGOTIATIONS. had not REACHED those Tor whom they were
R,nor. and Ol, Telegraph - N. lie long enemy Of
his father and himself was consunmateL
rrion rolii lake s.c..on tho Baltimore aad Ohio
Telegraph Tomorrow night az II o'clock
FORECLOSURE DEFINITELY AVERTED.
RFADING REpR ,ANIIATION TRUSTEES DECIDE THAT
THE SECURITIES DEPOSITED ARE SUFFICIENT.
HiIADELPHG, oct II tSDciaD.-Ihe report that
settlement has male between the Rea lin, recrgau
za,on trustees and the holders OF to first series hves
/, generally believed in in tncit circles. NJ 'orbns
presence in thi. city Is lookc upon positive con
nrm.tion OF the report Reading stock arb e'lrue5
cert aialy reelected belief that settlement hal been
eilec ed
Late th. afternoon tho reconstruction trustees held
special mce,in. The meeting lasted nearly an hour
and then tho chairman anuouncei that tho Board had
decided 10 avert foreclosure OF the roHL Resolutions
offered by member of Board adopted, declar-
ing that sufficient deposits ~ sccure, hW been made
- render foreclosure ,ary. and that the Board
would make no further Modification OF the plan. The
resolution also stated that the Board assured the
holders or tho first series nvss who deposited them
under ia. plan that they would nave tho opportunity oi
getting the those who retu'ed 10 deposit
their mol tngs they could Withdraw them II thef chose
T. from tho rarO1n 80 ~pahy tic sane
tnras accorded % those VINO REFUSED 30 deposit Inc
railroad company agreed 10 tho proposition. go
declined TO sunopncc the terms or settle
mont shey said 20 bc tho same a. areahy "u-
npunrrl The terms oG'ro,l tho hOliers OF The ir't
series tho plan a. reorganization are as follows;
frori an nolud.a that OF November l. is on sub
scuhIns 800 cash AMI surrender ot b1nl VIII lie
cevc In first preferred income mortgage houaS FlVp
AMI In second preferred income mortgage bones of eA
charge bond and ruel interest 10 May 81, 1881
Sl,lJl Is % total St,2Dl 10 ID